17th Oct 2024 11:24
Empiric Student Property PLC - London-based owner and operator of student accommodation in the UK - Raises GBP56.1 million from the sale of 60.4 million new shares, equal to 10% of its existing total, at 93 pence each. The equity raise was in line with the company's plan to raise at least GBP50 million, which it announced after the London market close on Wednesday. Bookrunners Jefferies International Ltd and Peel Hunt LLP place 59.7 million shares with institutional investors, while 663,714 shares are sold in a retail offer. The fresh funds will be used to buy new student housing properties and refurbish existing ones. "This placing will allow the business to grow, drive operational margins and create long-term shareholder value," says Chief Executive Officer Duncan Garrood.
Current stock price: 94.43p, down 2.6% in London on Thursday
12-month change: up 7.3%
By Tom Waite, Alliance News editor
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